John Yogi Spence, an adviser personnel at XAI Octagon Floating Rate & Alternative Income Trust (NYSE:XFLT), recently acquired 2,000 common shares of the company. The purchase, executed on December 19, was made at a price of $6.50 per share, totaling $13,000. Following this transaction, Spence holds a direct ownership of 546,806.094 shares. Additionally, indirect holdings include 782.051 shares through his spouse, 26,477.041 shares via XMS Holdings LLC, and 10,250 shares through XA Investments LLC. With a market capitalization of $385 million, XFLT stands out for its impressive 14.11% dividend yield and maintains a GREAT financial health score, as reported by InvestingPro, which offers additional valuable insights about the company's performance and outlook.
In other recent news, XAI Octagon Floating Rate & Alternative Income Trust has made significant strides in expanding its capital base. The Chicago-based investment company announced the unregistered sale of 200,000 Series II 2029 Convertible Preferred Shares at $23.25 per share, generating approximately $4.65 million before expenses. This transaction is part of a larger agreement with Eagle Point Credit Management LLC and other purchasers, facilitating the sale of up to 1.8 million shares at the same price, with completion expected by December 2025.
Further, XAI Octagon has issued and sold 400,000 shares of its 6.95% Series II 2029 Convertible Preferred Shares, leading to an estimated $9.3 million in net proceeds before expenses. The total number of Series II 2029 Convertible Preferred Shares outstanding for the trust now stands at 1,600,000.
These recent developments are part of the trust's strategic effort to raise capital, potentially for further investment opportunities or to strengthen its financial position. The shares were sold to unnamed purchasers, and the transactions were exempt from registration under Section 4(a)(2) of the Securities Act of 1933. The trust's Secretary and Chief Legal Officer, Benjamin D. McCulloch, executed the transactions.
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